In a bid to help the flood-affected citizens of Kerala, the State Bank of India \u2013 India's largest bank \u2013 as well as Muthoot Home Fin India Ltd have announced the introduction of special loans for repair and renovation of houses in the state. SBI, for instance, has come out with a scheme under which loans of up to Rs 10 lakh will be offered at a reduced interest rate of 8.45 per cent per annum along with waiver of processing fee. The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018. \u201cThere has been unprecedented damage of property in the state of Kerala during flood and the need of the hour is to repair and renovate residences to bring numerous lives to normalcy. To meet this crucial requirement, SBI has customized this loan offering for urgent requirement of funds by the people of Kerala at minimal charges,\u201d the bank stated in a press release. Meanwhile Muthoot HomeFin, a subsidiary of Muthoot Finance, has also announced the introduction of Punarnirman Kerala \u2013 Home Improvement Loans, keeping in view the crisis resulting from the biggest floods Kerala has ever witnessed. Under this scheme, Muthoot HomeFin will offer special loans for the renovation and reconstruction of homes in the flood-affected areas. The loans will be processed with easy documentation and for longer tenure. Talking about the scheme, George Alexander Muthoot, Managing Director, Muthoot Finance, said, \u201cIn an earnest attempt to provide a helping hand in the rehabilitation of people and rebuilding the state, Muthoot Finance has announced a special Home Improvement Scheme which will help Keralites to recover from the recent floods that devasted the state and its economy.\u201d Under this scheme, people having properties located in Kerala, even if they are not living in the state, are eligible to avail home loans. The loan will help the reconstruction and renovation of the damaged houses. The amount of the loan ranges from Rs 1 lakh to a maximum of Rs 10 lakh. The scheme, however, is valid till December 31, 2018 and the maximum loan term will be 20 years.